See what identity theft protection options exist for your Wells Fargo account and find out what to do if you think your Wells Fargo account may have been compromised.
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Are you an individual that purchased Wells Fargo Identity Theft Protection? Are you considering the Wells Fargo identity theft protection?
Wells Fargo included identity theft protection as one of its add-on products. Learn about Wells Fargo Identity Theft Protection, what to do if you notice potential identity theft related to your Wells Fargo account, and alternatives to Wells Fargo Identity Theft Protection.
The Federal Trade Commission (FTC) explains that seeing withdrawals from your bank account that you cannot explain, and discovering unfamiliar accounts or charges on your credit account are examples of possible identity theft. Another example includes receiving a notice that your information was compromised by a data breach at a company where you do business or have an account.
Taking immediate steps when you first suspect identity theft, or discover definite evidence of identity theft is crucial to minimizing losses, and expediting identity theft recovery. Whether you experienced previous identity theft because of a previous Wells Fargo issue, or you discover a new possibility of identity theft, follow the instructions provided by Wells Fargo.
Wells Fargo advises that you should consider contacting the three credit bureaus and placing a fraud alert on your credit record. The company advises customers to call Wells Fargo immediately after discovering an incident of identity theft or suspecting identity theft related to your account.
Wells Fargo Identity Theft Protection is an optional product that customers choose to purchase as a means of potentially helping protect against identity theft. The company indicates that this identity theft protection monitors the credit bureaus, looks for certain changes, and sends the customer an alert at the first sign of a problem.
Wells Fargo Identity Theft Protection provides daily monitoring of each customer’s personal information for identity theft signs when they opt in to the protection. The company sends the alerts to your phone, or email, depending on how the customer purchases the identity theft protection provided by Wells Fargo.
The company’s optional identity theft protection provides up to $10,000 insurance coverage if you experience identity theft while a Wells Fargo Identity Theft Protection customer. The protection includes access to a fraud resolution specialist while you are a customer of the Wells Fargo Identity Theft Protection plan.
Wells Fargo indicates on its site that the company is taking steps that ‘proactively’ advance their security to protect customers. Yet, the company experienced charges that resulted in a $142 million class action settlement. The settlement benefited customers that allegedly had sham accounts opened by employees, and customers that purchased identity theft protection from Wells Fargo during the period included in the lawsuit.
There are statements on the website that some individuals possibly view as a disadvantage to the identity theft protection plan offered by Wells Fargo. The ‘How to Report Identity Theft’ page advises customers to ‘Download the Wells Fargo Identity Theft Repair Kit.’ The company advises that the kit provides tips, worksheets, and ways to track your progress as you work through the steps. This means that customers apparently download a ‘kit’ and follow the steps, in addition to reporting the identity theft, essentially performing some work themselves if their Wells Fargo account is affected by identity theft.
The company claims that the ‘continuously’ enhanced authentication tools work to protect customer accounts from fraud. Yet the same section of information on the Wells Fargo website indicates that the company only initiates Advanced Access, an added level of security, in ‘certain high-risk transactions or changes.’
There are several alternatives to the Wells Fargo Identity Theft Protection. Some alternatives offer considerable protections against identity theft.
Identity Guard recognizes that in today’s world of cyber criminals, hackers, and even family members that steal their family member’s personal information, and identity, people need constant protection against individuals committing identity theft. The company points to a study where researchers concluded that identity theft occurs every two seconds.
Identity Guard offers comprehensive identity theft protection, and a variety of plan options. The company offers affordable plans for every budget.
The Value Plan includes a Risk Management Report, Anti-phishing mobile app, safe browsing tools, and dark web monitoring.
Choose the Total Plan and receive additional services, including credit monitoring from all three of the credit bureaus, monthly credit score, address monitoring, and tax refund alerts. Choose the Premier Plan and receive additional features beyond those provided in the other plans.
Identity Guard provides fast notification of suspicious activity, identity theft recovery assistance, and funds reimbursement assistance.
LifeLock explains that ‘What you don’t see can hurt you.’ LifeLock offers three identity theft protection plans. Each plan includes their patented LifeLock Identity Alert System.
The Standard package includes monitoring by one credit bureau, stolen funds and personal expense compensation of up to $25,000 each, and 24-hour live member support. The package offers assistance with reducing exposure of your personal information, lost wallet protection, and a variety of alerts if LifeLock detects suspicious activity.
The Advantage Package offers several additional protections, including a variety of alerts. Choose the Ultimate Plus plan for maximum protections, including several alerts not provided in the other packages, and stolen funds reimbursement of up to $1 million.
IdentityForce monitors your personal information 24-hours a day, and features advanced detection technology, along with real time alerts. The company website indicates that IdentityForce provides a package including identity, privacy, and credit security solutions.
Select the UltraSecure plan, the UltraSecure + Credit plan, or the new Family Plan, each at affordable cost. Each plan provides exceptional features that helps protect your identity, and helps you with recovery in the event of identity theft.
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Disclaimer: This content is not provided or commissioned by the companies referenced in this article. Opinions expressed here are the author’s alone and have not been reviewed, approved or otherwise endorsed by the companies mentioned. We may be compensated through advertiser affiliate programs.
With a decade of experience as a journalist, Derek Prall has been covering cybersecurity for seven years. He has spent more than 1,000 hours researching digital privacy and has covered almost 100 topics related to VPN and identity theft protection. Previously, Derek has covered tech issues at American City & County magazine, where he won numerous national awards for his cybersecurity coverage. His areas of expertise included network security, big data analytics, and AI applications in public safety. Derek graduated with dual bachelor’s degrees in English and Communications from Furman University and now lives in Atlanta, Georgia, with his wife and two cats.